After breaching the critical 200 day moving average (DMA) the Nifty ended at 5553 on Friday. At that time many believed that opportunity to go short on the 50-share index was lost. However Rahul Mohindar of viratechindia.com is of the view that the Nifty could fall further to 5,430, which will provide enough opportunity to build short positions.

"There is still that potential to get that next round of bearishness. So if you are a Nifty trader, I think even at this point, one could be trading in for 5430 kind of targets," Mohindar told CNBC-TV18.

According to him, Bank Nifty which lost nearly 2 percent this week, will see more sell of going forward.

He recommends going short on State Bank of India , which closed around Rs 2070 per share on Friday. Among the capital good stocks Larsen and Toubro is going to trade weak and traders can take stop loss at Rs 1,395 level.

Below is the verbatim transcript of the interview

Q: This week, there was quite a bit of opportunity for shorting in the market and you would have made lot of money if you had gone short. Do you think that opportunity or the best of the money making is now behind us and it would not be prudent to take a fresh short position on the index or do you feel that that potential is still open?

A: Technically what happened was when you got the signals of a breakdown more around the credit policy stage. At that stage itself one could see signs that the market is getting into a bear grip and a very strong bear grip. Having said that, I still feel there is this possibility of moving towards 5430, which is probably a good 100 plus points away from the current levels. So I think there is still that potential to get that next round of bearishness. So if you are a Nifty trader, I think even at this point, one could be trading in for 5430 kind of targets. Stock specifically, I think things are looking weak. Barring technology, most of the stocks look a bit under pressure.

Q: You were telling us about shorting opportunities that you are seeing in individual stocks. The Bank Nifty fell about more than two percent this week. Do you have any shorting idea in that space for next week?

A: First of all, Bank Nifty continues to look weak so I would think another two-three percent could get shaved off fairly easily. I think that would be led by something like SBI. So even at these levels, around Rs 2,070 mark, you could consider going short on SBI. My sense is we are going to move towards Rs 1,970 as a target. So we are looking at a sizable downside on the stock over Rs 100 from here. One could keep a stop at Rs 2,120 on the stock because clearly if you look at most of the banking names whether it is Axis Bank or ICICI , I think there is no sign of an immediate recovery, there is no sign that these stocks are at major support. So I think given that whole scenario, SBI could be a fairly good seller.

Q: What about you? Quickly, if you had to line up two-three stocks that one could buy or sell next week, what would they be?

A: I think continuing with that sell list, L&T looks something which is weak. In fact that whole space including something like BHEL looks weak. I would say L&T around the Rs 1,360-1,370 mark or even at current levels for that matter, my sense is L&T would probably move towards Rs 1,300 or even sub Rs 1,300 levels - that’s a short term call so given a week or two, you could see some weakness coming into L&T keeping a stop at Rs 1,395 one could look at those sub Rs 1,300 targets coming in.

On the buy side, I would probably look at something like ONGC . It feels like a bit of a safe haven, we have been maintaining above Rs 302-303 levels which is important for that stock. So maybe we will slowly and steadily inch towards Rs 335. One could look at buying into the stock around Rs 305 with a stop loss around Rs 301-302 levels. So that would be something on the buy side.